Portland, Oct. 14, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global biometric sensor market accounted for $1.03 billion in 2018 and is projected to reach $1.93 billion by 2025, registering a CAGR of 12.6% from 2018 to 2025.
Rise in security threats, the surge in demand for biometric sensors in smart gadgets, and the increase in dependency on Internet, which raises the need for better authentication methods have boosted the growth of the global biometric sensor market. However, the high cost of biometric technology and the availability of low-cost non-biometric technologies hamper the market. On the contrary, recent development such as biometric sensors-based car driver monitoring systems and graphene-enabled biometric sensors are expected to create lucrative opportunities in the near future.
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The global biometric sensor market is divided on the basis of type, application, and geography. Based on type, the market capacitive sensors, optical sensors, thermal sensors, ultrasound sensors, and electric field sensors. The optical sensors segment held the largest share in 2018, contributing more than one-third of the market. However, the thermal sensors segment is projected to register the fastest CAGR of 14.6% during the forecast period.
On the basis of application, the market is divided into a voice scan, finger scan, hand scan, facial scan, iris scan, vein scan, and others. The voice scan segment is estimated to manifest the fastest CAGR of 14.6% during the forecast period. However, the finger scan segment held the largest share in 2018, contributing more than two-fifths of the market.
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The global biometric sensor market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region dominated the market in 2018, accounting for more than one-third of the total market. However, the market across LAMEA is estimated to register the fastest CAGR of 15.3% during the forecast period.
The market report provides an in-depth analysis of the market players Crossmatch Technologies Inc., 3M Cogent, NEC Corporation, Safran, Fulcrum Biometrics, Fujitsu, Infineon Technologies AG, Precise Biometrics Ab, IDEX ASA, and ZKTECO Inc.
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